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Infosys Q3FY18: Improved Outlook, Deal Pipeline; Buy

Reliance Securities | 16 Jan, 2018  | Follow Author | Add to my Favourites 
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Outlook & Valuation

A new CEO, Mr. Salil Parekh at the helm, having a strong track record in the IT industry with prior work experience at Capgemini on its Group Management Board, provides confidence on Infosys’ growth, going forward. Notably, strong client addition despite major upheaval at senior management level is a major positive, in our view. Further, the Management’s positive outlook on IT budgets, particularly in BFSI vertical is another heartening factor. Potential improvement in the US economy, decent underlying growth in key verticals and return of cash to shareholders are factors, which we believe will prevent a major correction in stock price. Rolling over our estimates to FY20E, we retain our BUY recommendation on the stock with a revised Target Price of Rs 1,240 (from Rs 1,035 earlier).

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About Reliance Securities

Reliance Securities, the broking arm of Reliance Capital, is one of the India’s leading retail broking houses, providing customers with access to equities, derivatives, currency, IPOs, mutual funds, bonds, and corporate FDs amongst others. The large array of financial offerings helps customers fulfilling their investment objectives on one platform. Focus on timely & error-free execution represents its core strength. Their best in class research offerings, high degree of compliance with stock exchange regulations, ethical business standards, & strong risk management capabilities; Reliance Securities positions itself amongst strong & innovative brands in the financial services space.

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Disclaimer: The author has taken due care and caution to compile and analyse the data. The opinions expressed above are only the views of the author, and not a recommendation to buy or sell. Neither the author nor accept any liability whatsoever arising from the use of any of the above contents.


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